Oil climbs above $97 as Iran threat drives supply fears – Indian equities slide

Oil prices rose above $97 per barrel after Iran warned it would retaliate against any further US attacks, per The Times of India. The Strait of Hormuz risk is building a supply premium. For European consumers, higher crude means rising energy costs, while Indian benchmark indices fell 0.5%.

Bottom line — Brent crude at $97.05, its highest since July, as the Middle East conflict threatens global oil supplies.

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• Iran warned it would retaliate against any further US attacks on its assets, adding to concerns over energy infrastructure and shipping routes in the Gulf, per The Times of India.
• The Strait of Hormuz remains a key focus for oil traders as tensions around the major route for global crude shipments remain high, the article noted.
• Brent crude rose 0.05% to $97.05 a barrel, while US West Texas Intermediate gained 1.03% to $92.42, according to the report.
• Indian benchmark indices Sensex fell 382.62 points (0.50%) to 76,132.81 and Nifty dropped 118.55 points (0.50%) to 23,779.15, with selling across most sectors, per The Times of India.
• GIFT Nifty pointed to a flat-to-negative start, trading at 23,783, down 43.5 points or 0.18% from the previous close.
• Asian markets were mixed: South Korea’s Kospi gained 1.91%, while Hong Kong’s Hang Seng fell 0.56%, the article said.

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